Production and Revenue - Freeport-McMoRan's copper production increased to 214 million pounds in 2024, up from 144 million pounds in 2023, reflecting successful implementation of new technologies and data analytics [19]. - In 2024, Freeport-McMoRan's consolidated revenues were primarily from copper (74%), gold (17%), and molybdenum (7%) sales [34]. - Copper production from the Morenci mine, Cerro Verde mine, and Grasberg minerals district accounted for 77% of the company's total copper production in 2024 [26]. - PT-FI sold 56% of its copper production in concentrate and 44% as cathode during 2024 [47]. - The company ranked third among the top 10 copper producers, accounting for approximately 6% of estimated total worldwide mined copper production in 2024 [82]. - PT-FI's production from the Grasberg minerals district was 1.8 billion pounds of copper and 1.9 million ounces of gold in 2024, an increase from 1.7 billion pounds of copper and 2.0 million ounces of gold in 2023 [191]. Environmental and Regulatory Compliance - As of December 31, 2024, the company recorded 2.0billionforenvironmentalobligationsand3.7 billion for asset retirement obligations, with environmental capital expenditures totaling 0.6billionin2024[56].−Thecompanyexpectstoincurapproximately0.6 billion in environmental costs in 2025, reflecting ongoing compliance with environmental laws and regulations [56]. - PT-FI's Tailings Management Roadmap was approved for the next phase extending from 2025 to 2030, focusing on continuous improvement in tailings management practices [72]. - The company is subject to extensive U.S. and international regulations regarding worker health and safety, with new regulations potentially increasing mining costs [77]. Production Capacity and Infrastructure - The Morenci operation has a milling design capacity of 132,000 metric tons of ore per day, with a total EW tank house capacity of approximately 900 million pounds of copper per year [94]. - The Sierrita operation has a milling design capacity of 100,000 metric tons of ore per day, producing copper and molybdenum concentrate [118]. - The Miami operation has a design capacity of 200 million pounds of copper per year, although it is currently producing from stockpiles [126]. - The Chino operation includes a concentrator with a milling design capacity of 36,000 metric tons of ore per day and a 150 million pound-per-year SX/EW plant [134]. - Cerro Verde operates a 100,000-metric-ton-per-day ROM leach system with a production capacity of approximately 200 million pounds of copper per year [164]. Future Projects and Investments - The potential expansion project at Bagdad aims to increase copper production by 200 to 250 million pounds per year at an estimated capital cost of approximately 3.5billion[104].−Thecompanyhasinitiatedpre−feasibilitystudiesintheLoneStardistrictofSaffordtoexploresignificantexpansionopportunities,withcompletionexpectedin2026[110].−PT−FIplanstoinvestapproximately1 billion in a new gas-fired combined cycle facility over the next three years to reduce Scope 1 GHG emissions [193]. - Kucing Liar is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and 2041, with capital investments estimated at 4billionoverthenext7to8years[204].ProductionTrendsandChanges−Morencimineproduced0.7billionpoundsofcopperand3millionpoundsofmolybdenumin2024,downfrom0.8billionpoundsofcopperand3millionpoundsofmolybdenumin2023[95].−Sierrita′scopperproductiontotaled165millionpoundsin2024,adecreasefrom185millionpoundsin2023and184millionpoundsin2022[119].−Miami′scopperproductionwas9millionpoundsin2024,downfrom12millionpoundsin2023and11millionpoundsin2022[127].−Chino′scopperproductionreached133millionpoundsin2024,comparedto141millionpoundsin2023and130millionpoundsin2022[135].−Tyrone′scopperproductionwas43millionpoundsin2024,adeclinefrom51millionpoundsin2023and59millionpoundsin2022[140].TechnologicalAdvancements−Thecompanyisfocusedonenhancingproductivityandmanagingcoststosupportlong−termprofitablegrowthandvaluecreation[17].−ThecompanyispursuingtheconversionofBagdad′shaultruckfleettobecomefullyautonomous,withtestingexpectedtobegininQ22025[101].−ThecompanyhascommittedtomaintainingtheCopperMarkand/orMolybdenumMarkatalloperatingsitesglobally,demonstratingresponsibleproductionperformance[83].FinancialTransactions−InSeptember2024,thecompanypurchased5.3millionsharesofCerroVerdecommonstockfor210 million, increasing its ownership interest to 55.08% [160].
Freeport-McMoRan(FCX)2025-02-14 22:00